Securitas cashes in on Hamilton Pacific
ATLANTA--In an effort to build its financial services business, Securitas Security Systems in October acquired Hamilton Pacific, one of the leading providers of security services to financial institutions in the United States.
The purchase is part of Securitas' strategy to build its expertise in the banking market, according to Marty Guay, chief operating officer of Securitas.
"What Hamilton gives us is a very strong security banking platform in the United States," said Guay. "We feel we have to specialize to get closer to the banks."
The final purchase price of Hamilton Pacific depends on the company's performance in 2005, which is forecast to reach $47 million in sales.
With Hamilton Pacific as part of its portfolio, Securitas gains 15 locations across the country, in addition to Hamilton's Pasadena, Calif., headquarters. Hamilton specializes in installing and servicing security systems, vaults and ATMs for banks in 22 states.
This transaction more closely aligns Securitas in the United States with its business in Europe, where banking service business is strong in the United Kingdom, Scandinavia, France and Spain, according to Guay.
It also follows the expansion efforts of competitor Red Hawk Industries, another security provider to the financial market that grew over the last six years by acquiring more than a dozen companies.
Officials from Hamilton Pacific could not be reached for comment prior to press time, but, according to Guay, Hamilton Pacific was privately held and was founded more than 25 years ago. Along with its expertise in installing security systems for banks, the company lists the Los Angeles Police Department as one of its largest clients.